Bodily Injury Costs Increase in Oklahoma, According to Mercury Insurance

Rhea-AI Summary

Mercury Insurance has introduced a new personal umbrella insurance policy in Oklahoma, designed to offer enhanced protection for homeowners against rising bodily injury claims. The policy provides coverage beyond traditional auto and home insurance, with liability claims increasing by 35% since the pandemic. It includes multi-policy discounts, a 5% discount for three years of accident-free driving, and uninsured motorist coverage up to $1 million. Oklahoma marks the third state, after California and Texas, where this product is launched. It's available at a cost of less than $1.00 a day, aiming to protect personal wealth from unexpected accidents and lawsuits.

Positive

• Introduction of new umbrella insurance policy in Oklahoma.
• Enhanced protection for homeowners against rising bodily injury claims.
• Multi-policy discounts available.
• 5% discount for three years of accident-free driving.
• Uninsured motorist coverage up to $1 million.
• Availability of increased liability coverage from $1 million to $5 million.
• Affordable pricing at less than $1.00 a day.
• Expansion into a third state after California and Texas.

Negative

• 35% increase in liability claims since the pandemic.
• Potential out-of-pocket expenses for policyholders without adequate coverage.

Mercury's new umbrella insurance better protects Oklahomans' personal wealth against bodily injury claims

LOS ANGELES, May 28, 2024 /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Oklahomans' personal financial health at risk. In fact, bodily injury payouts continue to climb year over year since the pandemic started, with the average amount for a liability claim increasing by 35%, according to Mercury Insurance (NYSE: MCY). 

The recent trend of rising liability injury claims for home and auto owners that exceed traditional policy limits has moved Mercury to unveil an all-new personal umbrella insurance policy for Oklahomans that offers extra protection with bolstered coverages beginning at less than $1.00 a day.

Per Forbes Magazine, an umbrella insurance policy can be an excellent addition to your insurance portfolio if you need liability coverage that goes beyond what your base car insurance or home insurance policies provide. Umbrella insurance is a good way to cover your net worth if you were to get hit with a lawsuit.

The state of Oklahoma is the third launch of this expanded insurance product for Mercury Insurance, following California and Texas. You can learn more about this unique coverage at Mercury Umbrella Insurance.

"Unexpected accidents are becoming more costly for Oklahomans, which puts them at risk of having to pay out of pocket," said Brandt Minnich, vice president and chief sales development officer at Mercury Insurance. "Mercury has redesigned its umbrella insurance to give Oklahoma an extra layer of protection beyond a traditional auto or home policy. It's an affordable safety net that protects you from these expensive accidents and litigious lawyers looking for a big payday." 

A cautionary tale for all is that of a Mercury policyholder who had kept the same limits and coverages since college, even though his personal wealth had increased significantly. The policyholder, who later became a doctor, never thought about umbrella coverage until he hit a moped with his automobile —severely injuring the rider. The rider subsequently engaged a lawyer and the Mercury insured ended up having to pay out of pocket for damages that were well beyond his auto policy limit of $25,000. 

"He had payments deducted from his salary for a number of years until the settlement was paid off," Minnich said. 

Key features of Mercury's significantly updated umbrella product include: 

• Multi-policy Discounts: Mercury policyholders can save big with multi-policy discounts across their auto, homeowners and umbrella policies. 
• 3-year Accident and Violation Free Discount: A 5% discount is given to all drivers on the Mercury policy with no losses or accidents during the last three years. 
• Uninsured Motorist Coverage: Uninsured motorist coverage up to $1 million in the event of an accident caused by a driver who does not have insurance. 
• Increased Liability: Policyholders can increase their liability coverage from $1 million to $5 million, depending upon policyholders' coverage needs.

"We consider Mercury's umbrella policy the 'Goldilocks' of coverage because it offers a very specific amount of extra protection that fits customers' needs, which is really important for anyone who wants to safeguard their future against unexpected expenses and legal liabilities," Minnich stated. 

Mercury offers Personal Auto, Mechanical Protection, Ride-Hailing, Condo, Homeowners, Home Cyber Protection, Home Systems Protection, Identity Management Services, Renters, Service Line Protection, Business Auto and Personal Umbrella insurance in Oklahoma. 

Headquartered in Los Angeles, Mercury Insurance provides auto, homeowners and business insurance through more than 4,700 employees and a network of more than 8,000 independent agents in 11 states.

About Mercury Insurance

Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.

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SOURCE Mercury General Corporation

FAQ

What new insurance policy has Mercury Insurance introduced in Oklahoma?

Mercury Insurance has introduced a new personal umbrella insurance policy in Oklahoma.

How much have bodily injury claims increased according to Mercury Insurance?

Bodily injury claims have increased by 35% since the pandemic.

What discounts does Mercury's new policy offer?

It offers multi-policy discounts and a 5% discount for three years of accident-free driving.

What is the cost of Mercury's new umbrella insurance policy?

The policy is available at a cost of less than $1.00 a day.

Does Mercury's new policy include uninsured motorist coverage?

Yes, it includes uninsured motorist coverage up to $1 million.

In which states has Mercury launched its expanded umbrella insurance product?

Oklahoma is the third state, following California and Texas.